TA PA3
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+0.00% +0.00 Updated 29 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
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10 tablesStatements of Financial Position (Group and Company) as at 31 December 2025
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balances$'000 | 50,001 | 58,682 | 333 | 77 | PDF p. 51 |
| Trade and other receivables$'000 | 25,873 | 37,012 | – | 1,326 | PDF p. 51 |
| Deposits and prepayments$'000 | 12,155 | 13,070 | 7 | 16 | PDF p. 51 |
| Inventories$'000 | 3,055 | 3,306 | – | – | PDF p. 51 |
| Contract assets$'000 | 6,008 | 6,076 | – | – | PDF p. 51 |
| Development properties$'000 | 130,306 | 185,617 | – | – | PDF p. 51 |
| Total current assets$'000 | 227,398 | 303,763 | 340 | 1,419 | PDF p. 51 |
| Non-current assets | |||||
| Property, plant and equipment$'000 | 11,087 | 10,871 | – | – | PDF p. 51 |
| Investment properties$'000 | 253,249 | 243,178 | – | – | PDF p. 51 |
| Goodwill$'000 | 31 | 31 | – | – | PDF p. 51 |
| Subsidiaries$'000 | – | – | 73,681 | 76,606 | PDF p. 51 |
| Associates and joint ventures$'000 | 16,150 | 16,517 | – | – | PDF p. 51 |
| Trade and other receivables$'000 | 16,832 | 20,606 | 60,265 | 66,398 | PDF p. 51 |
| Total non-current assets$'000 | 297,349 | 291,203 | 133,946 | 143,004 | PDF p. 51 |
| Assets | |||||
| Total assets$'000 | 524,747 | 594,966 | 134,286 | 144,423 | PDF p. 51 |
| Current liabilities | |||||
| Borrowings$'000 | 29,692 | 26,252 | – | – | PDF p. 51 |
| Trade and other payables$'000 | 57,500 | 112,783 | 16,344 | 23,104 | PDF p. 51 |
| Lease liabilities$'000 | 302 | 349 | – | – | PDF p. 51 |
| Term notes$'000 | – | 26,936 | – | 26,936 | PDF p. 51 |
| Contract liabilities$'000 | 50,827 | 95,397 | – | – | PDF p. 51 |
| Provisions$'000 | 1,441 | 4,375 | – | 3,893 | PDF p. 51 |
| Income tax payable$'000 | 6,917 | 6,490 | – | – | PDF p. 51 |
| Other current liabilities$'000 | 4,809 | – | 4,809 | – | PDF p. 51 |
| Total current liabilities$'000 | 151,488 | 272,582 | 21,153 | 53,933 | PDF p. 51 |
| Non-current liabilities | |||||
| Borrowings$'000 | 72,568 | 73,563 | – | – | PDF p. 51 |
| Trade and other payables$'000 | 88,364 | 93,662 | 31,186 | 30,918 | PDF p. 51 |
| Lease liabilities$'000 | 195 | 397 | – | – | PDF p. 51 |
| Term notes$'000 | 27,000 | – | 27,000 | – | PDF p. 51 |
| Provisions$'000 | – | 36,054 | – | 36,054 | PDF p. 51 |
| Deferred tax liabilities$'000 | 24 | 25 | – | – | PDF p. 51 |
| Total non-current liabilities$'000 | 188,151 | 203,701 | 58,186 | 66,972 | PDF p. 51 |
| Liabilities | |||||
| Total liabilities$'000 | 339,639 | 476,283 | 79,339 | 120,905 | PDF p. 51 |
| Capital, reserves and non-controlling interests | |||||
| Share capital$'000 | 154,189 | 154,189 | 154,189 | 154,189 | PDF p. 51 |
| Reserves$'000 | 1,092 | 414 | 678 | – | PDF p. 51 |
| Translation reserves$'000 | (2,689) | (2,062) | – | – | PDF p. 51 |
| Accumulated losses$'000 | (31,137) | (84,430) | (99,920) | (130,671) | PDF p. 51 |
| Equity attributable to owners of the Company$'000 | 121,455 | 68,111 | 54,947 | 23,518 | PDF p. 51 |
| Non-controlling interests$'000 | 63,653 | 50,572 | – | – | PDF p. 51 |
| Total equity$'000 | 185,108 | 118,683 | 54,947 | 23,518 | PDF p. 51 |
| Liabilities and equity | |||||
| Total liabilities and equity$'000 | 524,747 | 594,966 | 134,286 | 144,423 | PDF p. 51 |
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Original report: PDF p. 51 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income for the financial year ended 31 December 2025
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing Operations | |||
| Revenue$'000 | 122,787 | 94,842 | PDF p. 52 |
| Cost of sales$'000 | (62,016) | (36,426) | PDF p. 52 |
| Gross profit$'000 | 60,771 | 58,416 | PDF p. 52 |
| Other income$'000 | 5,336 | 5,453 | PDF p. 52 |
| Other gains/(losses)$'000 | 39,002 | (57) | PDF p. 52 |
| Loss allowance recognised on financial assets$'000 | (6,010) | (5,405) | PDF p. 52 |
| Selling and distribution costs$'000 | (459) | (2,660) | PDF p. 52 |
| General and administrative expenses$'000 | (17,900) | (16,564) | PDF p. 52 |
| Other operating expenses$'000 | (27) | (11,934) | PDF p. 52 |
| Share of profit of associates and joint ventures$'000 | 2,014 | 1,445 | PDF p. 52 |
| Finance costs$'000 | (8,887) | (9,159) | PDF p. 52 |
| Profit before income tax$'000 | 73,840 | 19,535 | PDF p. 52 |
| Income tax expense$'000 | (6,503) | (6,825) | PDF p. 52 |
| Profit from continuing operations$'000 | 67,337 | 12,710 | PDF p. 52 |
| Discontinued operations | |||
| Profit from discontinued operations$'000 | – | 716 | PDF p. 52 |
| Total profit$'000 | 67,337 | 13,426 | PDF p. 52 |
| Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operations$'000 | (1,523) | 1,391 | PDF p. 52 |
| Share of other comprehensive loss of associates and joint ventures$'000 | (67) | (262) | PDF p. 52 |
| Subtotal$'000 | (1,590) | 1,129 | PDF p. 52 |
| Other comprehensive (loss)/income | |||
| Total comprehensive income for the financial year$'000 | 65,747 | 14,555 | PDF p. 52 |
| Profit attributable to | |||
| Owners of the Company$'000 | 53,293 | 4,790 | PDF p. 52 |
| Non-controlling interests$'000 | 14,044 | 8,636 | PDF p. 52 |
| Subtotal$'000 | 67,337 | 13,426 | PDF p. 52 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 52,666 | 5,546 | PDF p. 52 |
| Non-controlling interests$'000 | 13,081 | 9,009 | PDF p. 52 |
| Subtotal$'000 | 65,747 | 14,555 | PDF p. 52 |
| Earnings per share (cents) | |||
| Basic and dilutedcents per share | 10.29 | 0.92 | PDF p. 52 |
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Definitions & sources
Original report: PDF p. 52 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income (Group)
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Continuing Operations | |||
| Revenue$'000 | 122,787 | 94,842 | PDF p. 52 |
| Cost of sales$'000 | (62,016) | (36,426) | PDF p. 52 |
| Gross profit$'000 | 60,771 | 58,416 | PDF p. 52 |
| Other income$'000 | 5,336 | 5,453 | PDF p. 52 |
| Other gains/(losses)$'000 | 39,002 | (57) | PDF p. 52 |
| Loss allowance recognised on financial assets$'000 | (6,010) | (5,405) | PDF p. 52 |
| Selling and distribution costs$'000 | (459) | (2,660) | PDF p. 52 |
| General and administrative expenses$'000 | (17,900) | (16,564) | PDF p. 52 |
| Other operating expenses$'000 | (27) | (11,934) | PDF p. 52 |
| Share of profit of associates and joint ventures$'000 | 2,014 | 1,445 | PDF p. 52 |
| Finance costs$'000 | (8,887) | (9,159) | PDF p. 52 |
| Profit before income tax$'000 | 73,840 | 19,535 | PDF p. 52 |
| Income tax expense$'000 | (6,503) | (6,825) | PDF p. 52 |
| Profit from continuing operations$'000 | 67,337 | 12,710 | PDF p. 52 |
| Discontinued operations | |||
| Profit from discontinued operations$'000 | – | 716 | PDF p. 52 |
| Total profit$'000 | 67,337 | 13,426 | PDF p. 52 |
| Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operations$'000 | (1,523) | 1,391 | PDF p. 52 |
| Share of other comprehensive loss of associates and joint ventures$'000 | (67) | (262) | PDF p. 52 |
| Other comprehensive (loss)/income | |||
| Total comprehensive income for the financial year$'000 | 65,747 | 14,555 | PDF p. 52 |
| Profit attributable to | |||
| Owners of the Company$'000 | 53,293 | 4,790 | PDF p. 52 |
| Non-controlling interests$'000 | 14,044 | 8,636 | PDF p. 52 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 52,666 | 5,546 | PDF p. 52 |
| Non-controlling interests$'000 | 13,081 | 9,009 | PDF p. 52 |
| Earnings per share (cents) | |||
| Basic and dilutedcents | 10.29 | 0.92 | PDF p. 52 |
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Definitions & sources
Original report: PDF p. 52 ↗
Units $'000 as printed. Earnings per share in cents. Company-level comprehensive income is not presented separately; Company movements are in the statement of changes in equity.
Consolidated Statement of Changes in Equity (Group) - Year 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital $'000 | 2025Group, Reserves $'000 | 2025Group, Translation reserves $'000 | 2025Group, Accumulated losses $'000 | 2025Group, Equity attributable to owners of the Company $'000 | 2025Group, Non-controlling interests $'000 | 2025Group, Total $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| Balance as at 1 January 2025$'000 | 154,189 | 414 | (2,062) | (84,430) | 68,111 | 50,572 | 118,683 | PDF p. 53 |
| Total comprehensive (loss)/income for the financial year | ||||||||
| Profit for the financial year$'000 | – | – | – | 53,293 | 53,293 | 14,044 | 67,337 | PDF p. 53 |
| Other comprehensive loss for the financial year$'000 | – | – | (627) | – | (627) | (963) | (1,590) | PDF p. 53 |
| Total$'000 | – | – | (627) | 53,293 | 52,666 | 13,081 | 65,747 | PDF p. 53 |
| Transactions with owners, recognised directly in equity | ||||||||
| Issuance of mandatory convertible notes$'000 | – | 678 | – | – | 678 | – | 678 | PDF p. 53 |
| Group | ||||||||
| Balance as at 31 December 2025$'000 | 154,189 | 1,092 | (2,689) | (31,137) | 121,455 | 63,653 | 185,108 | PDF p. 53 |
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Definitions & sources
Original report: PDF p. 53 ↗
Column order: Share capital, Reserves, Translation reserves, Accumulated losses, Equity attributable to owners of the Company, Non-controlling interests, Total. All $'000.
Consolidated Statement of Changes in Equity (Group) - Year 2024
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital $'000 | 2024Group, Reserves $'000 | 2024Group, Translation reserves $'000 | 2024Group, Accumulated losses $'000 | 2024Group, Equity attributable to owners of the Company $'000 | 2024Group, Non-controlling interests $'000 | 2024Group, Total $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| Balance as at 1 January 2024$'000 | 154,189 | 432 | (2,827) | (89,220) | 62,574 | 42,329 | 104,903 | PDF p. 53 |
| Total comprehensive income for the financial year | ||||||||
| Profit for the financial year$'000 | – | – | – | 4,790 | 4,790 | 8,636 | 13,426 | PDF p. 53 |
| Other comprehensive income for the financial year$'000 | – | – | 756 | – | 756 | 373 | 1,129 | PDF p. 53 |
| Total$'000 | – | – | 756 | 4,790 | 5,546 | 9,009 | 14,555 | PDF p. 53 |
| Transactions with owners, recognised directly in equity | ||||||||
| Disposal of controlling interest in subsidiary (Note 6)$'000 | – | (18) | 9 | – | (9) | (801) | (810) | PDF p. 53 |
| Increase of subsidiary share capital$'000 | – | – | – | – | – | 35 | 35 | PDF p. 53 |
| Group | ||||||||
| Balance as at 31 December 2024$'000 | 154,189 | 414 | (2,062) | (84,430) | 68,111 | 50,572 | 118,683 | PDF p. 53 |
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Original report: PDF p. 53 ↗
Comparative year 2024 movements. Column order: Share capital, Reserves, Translation reserves, Accumulated losses, Equity attributable to owners of the Company, Non-controlling interests, Total. All $'000. Disposal of controlling interest in subsidiary refers to Note 6.
Statement of Changes in Equity (Company)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital $'000 | 2025Company, Reserves $'000 | 2025Company, Accumulated losses $'000 | 2025Company, Total $'000 | Source |
|---|---|---|---|---|---|
| Company 2025 | |||||
| Balance as at 1 January 2025$'000 | 154,189 | – | (130,671) | 23,518 | PDF p. 54 |
| Company 2025 - Total comprehensive income for the financial year | |||||
| Profit for the financial year$'000 | – | – | 30,751 | 30,751 | PDF p. 54 |
| Company 2025 - Transactions with owners, recognised directly in equity | |||||
| Issuance of mandatory convertible notes$'000 | – | 678 | – | 678 | PDF p. 54 |
| Company 2025 | |||||
| Balance as at 31 December 2025$'000 | 154,189 | 678 | (99,920) | 54,947 | PDF p. 54 |
| Company 2024 | |||||
| Balance as at 1 January 2024$'000 | 154,189 | – | (112,018) | 42,171 | PDF p. 54 |
| Company 2024 - Total comprehensive loss for the financial year | |||||
| Loss for the financial year$'000 | – | – | (18,653) | (18,653) | PDF p. 54 |
| Company 2024 | |||||
| Balance as at 31 December 2024$'000 | 154,189 | – | (130,671) | 23,518 | PDF p. 54 |
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Original report: PDF p. 54 ↗
Rows cover both 2025 and 2024 movements (2024 block begins with Balance as at 1 January 2024); column order Share capital, Reserves, Accumulated losses, Total, all $'000. Printed page title is 'CONSOLIDATED STATEMENT OF CHANGES IN EQUITY' but the table is the Company's.
Consolidated Statement of Cash Flows (Group) - Operating activities
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$'000 | 73,840 | 19,535 | PDF p. 55 |
| Profit from discontinued operations$'000 | – | 716 | PDF p. 55 |
| Subtotal (unlabelled)$'000 | 73,840 | 20,251 | PDF p. 55 |
| Adjustments for | |||
| Depreciation expenses$'000 | 1,746 | 1,359 | PDF p. 55 |
| Share of profit of associates and joint ventures$'000 | (2,014) | (1,445) | PDF p. 55 |
| Impairment loss on investment in associates and joint ventures$'000 | 1,414 | – | PDF p. 55 |
| Net fair value loss on investment properties$'000 | 1,736 | 7,101 | PDF p. 55 |
| Gain on disposal of property, plant and equipment$'000 | (228) | (6) | PDF p. 55 |
| Finance costs$'000 | 8,887 | 9,159 | PDF p. 55 |
| Interest income$'000 | (2,582) | (2,700) | PDF p. 55 |
| Loss allowance recognised on financial assets$'000 | 6,010 | 5,405 | PDF p. 55 |
| Provision for onerous contracts$'000 | 39 | 41 | PDF p. 55 |
| Provision for liquidated damages$'000 | 856 | 441 | PDF p. 55 |
| Provision for warranty and defects$'000 | 64 | – | PDF p. 55 |
| Recognition of performance bonds$'000 | – | 11,341 | PDF p. 55 |
| Bad debts$'000 | 24 | – | PDF p. 55 |
| Effect of lease modifications$'000 | – | 17 | PDF p. 55 |
| Prepayments written off$'000 | – | 585 | PDF p. 55 |
| Gain on derecognition of net liabilities of disposed subsidiaries$'000 | (43,042) | (8,055) | PDF p. 55 |
| Reversal of write-off obsolete inventories$'000 | (62) | – | PDF p. 55 |
| Write-down of development properties$'000 | 3,433 | – | PDF p. 55 |
| Gain on disposal of subsidiaries$'000 | – | (464) | PDF p. 55 |
| Operating activities | |||
| Operating cash flows before changes in working capital$'000 | 50,121 | 43,030 | PDF p. 55 |
| Change in working capital, net of effects from disposal of subsidiaries | |||
| Trade and other receivables$'000 | 9,359 | (479) | PDF p. 55 |
| Deposits and prepayments$'000 | 262 | (1,685) | PDF p. 55 |
| Inventories$'000 | 280 | 227 | PDF p. 55 |
| Contract assets$'000 | 68 | (1,704) | PDF p. 55 |
| Development properties$'000 | 31,110 | 11,232 | PDF p. 55 |
| Trade and other payables$'000 | (7,781) | 9,766 | PDF p. 55 |
| Contract liabilities$'000 | (40,271) | 2,035 | PDF p. 55 |
| Provisions$'000 | – | (1,744) | PDF p. 55 |
| Operating activities | |||
| Cash generated from operations$'000 | 43,148 | 60,678 | PDF p. 55 |
| Income tax paid$'000 | (6,056) | (3,694) | PDF p. 55 |
| Interest paid$'000 | (6,584) | (8,722) | PDF p. 55 |
| Net cash generated from operating activities$'000 | 30,508 | 48,262 | PDF p. 55 |
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Original report: PDF p. 55 ↗
Units $'000. Only Group cash flows are presented; no Company cash flow statement.
Consolidated Statement of Cash Flows (Group) - Investing and financing activities
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Investing activities | |||
| Interest received$'000 | 540 | 575 | PDF p. 56 |
| Purchase of property, plant and equipment$'000 | (1,775) | (1,287) | PDF p. 56 |
| Proceeds from disposal of property, plant and equipment$'000 | 258 | 74 | PDF p. 56 |
| Proceeds from disposal of non-current assets held for sale$'000 | – | 19,391 | PDF p. 56 |
| Repayment from associates and joint ventures$'000 | – | 3,793 | PDF p. 56 |
| Dividends received from joint ventures$'000 | 900 | 990 | PDF p. 56 |
| Disposal of subsidiaries, net of cash disposed of$'000 | – | (2,659) | PDF p. 56 |
| Net cash (used in)/generated from investing activities$'000 | (77) | 20,877 | PDF p. 56 |
| Financing activities | |||
| Proceeds from borrowings$'000 | – | 2,041 | PDF p. 56 |
| Proceeds from issue of shares in subsidiaries to non-controlling shareholders$'000 | – | 35 | PDF p. 56 |
| Repayment of borrowings$'000 | (35,905) | (49,135) | PDF p. 56 |
| Repayment of loan from non-controlling shareholders of subsidiaries$'000 | (2,622) | – | PDF p. 56 |
| Repayment of principal portion of lease liabilities$'000 | (330) | (237) | PDF p. 56 |
| Uplifting/(pledging) of cash and fixed deposits pledged$'000 | 4,182 | (7,573) | PDF p. 56 |
| Net cash used in financing activities$'000 | (34,675) | (54,869) | PDF p. 56 |
| Closing cash | |||
| Net (decrease)/increase in cash and cash equivalents$'000 | (4,244) | 14,270 | PDF p. 56 |
| Cash and cash equivalents at beginning of the financial year$'000 | 26,618 | 12,349 | PDF p. 56 |
| Effect of exchange rate changes$'000 | (255) | (1) | PDF p. 56 |
| Cash and cash equivalents at end of the financial year$'000 | 22,119 | 26,618 | PDF p. 56 |
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Definitions & sources
Original report: PDF p. 56 ↗
Units $'000. Continuation of the Group cash flow statement.
Financial Highlights FY2021-FY2025 (five-year bar-chart data, Group)
54 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; single value per row, fiscal year given in row label (FY2021 to FY2025) | Source |
|---|---|---|
| Group revenue | ||
| GROUP REVENUE FY2021S$'million | 218.2 | PDF p. 10 |
| GROUP REVENUE FY2022S$'million | 209.0 | PDF p. 10 |
| GROUP REVENUE FY2023S$'million | 138.4 | PDF p. 10 |
| GROUP REVENUE FY2024S$'million | 94.8 | PDF p. 10 |
| GROUP REVENUE FY2025S$'million | 122.8 | PDF p. 10 |
| Construction revenue | ||
| CONSTRUCTION FY2021S$'million | 181.8 | PDF p. 10 |
| CONSTRUCTION FY2023S$'million | 87.8 | PDF p. 10 |
| CONSTRUCTION FY2024S$'million | 34.1 | PDF p. 10 |
| CONSTRUCTION FY2025S$'million | 30.8 | PDF p. 10 |
| Real estate development revenue | ||
| REAL ESTATE DEVELOPMENT FY2021S$'million | 1.4 | PDF p. 10 |
| REAL ESTATE DEVELOPMENT FY2022S$'million | 120.0 | PDF p. 10 |
| REAL ESTATE DEVELOPMENT FY2023S$'million | 2.7 | PDF p. 10 |
| REAL ESTATE DEVELOPMENT FY2024S$'million | 2.2 | PDF p. 10 |
| REAL ESTATE DEVELOPMENT FY2025S$'million | 28.1 | PDF p. 10 |
| Real estate investment revenue | ||
| REAL ESTATE INVESTMENT FY2021S$'million | 23.2 | PDF p. 10 |
| REAL ESTATE INVESTMENT FY2022S$'million | 26.9 | PDF p. 10 |
| REAL ESTATE INVESTMENT FY2023S$'million | 36.6 | PDF p. 10 |
| REAL ESTATE INVESTMENT FY2024S$'million | 47.2 | PDF p. 10 |
| REAL ESTATE INVESTMENT FY2025S$'million | 47.7 | PDF p. 10 |
| Distribution revenue | ||
| DISTRIBUTION FY2021S$'million | 11.8 | PDF p. 10 |
| DISTRIBUTION FY2022S$'million | 9.8 | PDF p. 10 |
| DISTRIBUTION FY2023S$'million | 11.3 | PDF p. 10 |
| DISTRIBUTION FY2024S$'million | 11.3 | PDF p. 10 |
| DISTRIBUTION FY2025S$'million | 16.2 | PDF p. 10 |
| Gross profit | ||
| GROSS PROFIT FY2021S$'million | 19.9 | PDF p. 10 |
| GROSS PROFIT FY2022S$'million | 55.2 | PDF p. 10 |
| GROSS PROFIT FY2023S$'million | 31.7 | PDF p. 10 |
| GROSS PROFIT FY2024S$'million | 58.4 | PDF p. 10 |
| GROSS PROFIT FY2025S$'million | 60.8 | PDF p. 10 |
| Profit (loss) after tax | ||
| PROFIT (LOSS) AFTER TAX FY2021S$'million | (36.4) | PDF p. 10 |
| PROFIT (LOSS) AFTER TAX FY2022S$'million | 26.9 | PDF p. 10 |
| PROFIT (LOSS) AFTER TAX FY2023S$'million | 27.6 | PDF p. 10 |
| PROFIT (LOSS) AFTER TAX FY2024S$'million | 13.4 | PDF p. 10 |
| PROFIT (LOSS) AFTER TAX FY2025S$'million | 67.3 | PDF p. 10 |
| Equity attributable to shareholders of the Company | ||
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY FY2021S$'million | 68.9 | PDF p. 10 |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY FY2022S$'million | 79.6 | PDF p. 10 |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY FY2023S$'million | 62.6 | PDF p. 10 |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY FY2024S$'million | 68.1 | PDF p. 10 |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY FY2025S$'million | 121.5 | PDF p. 10 |
| Gearing ratio | ||
| GEARING RATIO FY2021times | 6.3 | PDF p. 10 |
| GEARING RATIO FY2022times | 3.0 | PDF p. 10 |
| GEARING RATIO FY2023times | 1.6 | PDF p. 10 |
| GEARING RATIO FY2024times | 1.1 | PDF p. 10 |
| GEARING RATIO FY2025times | 0.6 | PDF p. 10 |
| Net asset value per share | ||
| NET ASSET VALUE PER SHARE FY2021cents | 13.3 | PDF p. 10 |
| NET ASSET VALUE PER SHARE FY2022cents | 15.4 | PDF p. 10 |
| NET ASSET VALUE PER SHARE FY2023cents | 12.1 | PDF p. 10 |
| NET ASSET VALUE PER SHARE FY2024cents | 13.1 | PDF p. 10 |
| NET ASSET VALUE PER SHARE FY2025cents | 23.4 | PDF p. 10 |
| Earnings (loss) per share | ||
| EARNINGS (LOSS) PER SHARE FY2021cents | (7.1) | PDF p. 10 |
| EARNINGS (LOSS) PER SHARE FY2022cents | 2.34 | PDF p. 10 |
| EARNINGS (LOSS) PER SHARE FY2023cents | (3.14) | PDF p. 10 |
| EARNINGS (LOSS) PER SHARE FY2024cents | 0.92 | PDF p. 10 |
| EARNINGS (LOSS) PER SHARE FY2025cents | 10.29 | PDF p. 10 |
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Original report: PDF p. 10 ↗
1 Based on issued share capital of 518,068,220 shares for FY2025, FY2024, FY2023, FY2022, FY2021. (applies to Net asset value per share)
2 Based on weighted average number of 518,068,220 shares for FY2025, FY2024, FY2023, FY2022, FY2021. (applies to Earnings (loss) per share)
Chart-style layout: each row is one fiscal year's value for the metric named in the row label. Construction FY2022 (209.0) is printed on the same line as Group revenue FY2022 and was not extracted as a separate row to avoid ambiguous quote.
Note 35 Earnings per share (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 December 2025 | 2024Group, FY ended 31 December 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit attributable to equity holders of the Company ($’000)$'000 | 53,293 | 4,790 | PDF p. 122 |
| Weighted average number of ordinary shares outstanding for basic earnings per share (’000)'000 shares | 518,068 | 518,068 | PDF p. 122 |
| Basic and diluted earnings per share (cents per share)cents per share | 10.29 | 0.92 | PDF p. 122 |
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Definitions & sources
Original report: PDF p. 122 ↗
There were no dilutive earnings per share for the financial years ended 31 December 2025 and 2024 as there were no dilutive potential ordinary shares outstanding.
The calculation of the basic loss per share is based on the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Where the money comes from
Segment information
By business
Segment information by business segment, 2025 (continuing operations) 16 lines
| Item / unit | 2025Construction | 2025Real estate investment | 2025Real estate development | 2025Distribution | 2025Others | 2025Elimination | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| External revenue$'000 | 30,787 | 47,660 | 28,138 | 16,202 | – | – | 122,787 | PDF p. 124 |
| Inter-segment revenue$'000 | 25,588 | 389 | – | 5,821 | – | (31,798) | – | PDF p. 124 |
| Expenses | ||||||||
| Sale of goods (construction)$'000 | 16,324 | – | – | – | – | – | 16,324 | PDF p. 124 |
| Construction contracts$'000 | 14,351 | – | – | – | – | – | 14,351 | PDF p. 124 |
| (Reversal)/recognition of loss allowance recognised on financial assets$'000 | (13) | 6,014 | – | (34) | 43 | – | 6,010 | PDF p. 124 |
| Depreciation expenses$'000 | 1,247 | 340 | 57 | 102 | – | – | 1,746 | PDF p. 124 |
| Net fair value loss on investment properties$'000 | – | 8,200 | (6,464) | – | – | – | 1,736 | PDF p. 124 |
| Results | ||||||||
| Segment results$'000 | 1,023 | 19,531 | 12,287 | 5,606 | 41,698 | – | 80,145 | PDF p. 124 |
| Interest income$'000 | 56 | 2,425 | 1 | 100 | – | – | 2,582 | PDF p. 124 |
| Finance costs$'000 | (115) | (3,417) | (2,615) | (77) | (2,663) | – | (8,887) | PDF p. 124 |
| Profit before income tax$'000 | 964 | 18,539 | 9,673 | 5,629 | 39,035 | – | 73,840 | PDF p. 124 |
| Income tax expense$'000 | 216 | (6,239) | (66) | (414) | – | – | (6,503) | PDF p. 124 |
| Profit for the financial year$'000 | 1,180 | 12,300 | 9,607 | 5,215 | 39,035 | – | 67,337 | PDF p. 124 |
| Statement of financial position | ||||||||
| Segment assets$'000 | 31,792 | 302,387 | 171,698 | 18,531 | 339 | – | 524,747 | PDF p. 124 |
| Segment liabilities$'000 | 13,165 | 124,245 | 126,651 | 5,218 | 70,360 | – | 339,639 | PDF p. 124 |
| Other information | ||||||||
| Associates and joint ventures$'000 | – | 14,217 | 6 | 1,927 | – | – | 16,150 | PDF p. 124 |
Notes
Segment information for reportable segments on continuing operations. All assets and liabilities are allocated to reportable segments; jointly used assets/liabilities allocated on basis of revenues earned by individual segments.
Segments: Construction; Real estate investment; Real estate development; Distribution; Others (management and administration services).
Segment information by business segment, 2024 (continuing operations) 16 lines
| Item / unit | 2024Construction | 2024Real estate investment | 2024Real estate development | 2024Distribution | 2024Others | 2024Elimination | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| External revenue$'000 | 34,085 | 47,232 | 2,198 | 11,327 | – | – | 94,842 | PDF p. 125 |
| Inter-segment revenue$'000 | 15,157 | 443 | 259 | 4,355 | – | (20,214) | – | PDF p. 125 |
| Expenses | ||||||||
| Sale of goods (construction)$'000 | 20,627 | – | – | – | – | – | 20,627 | PDF p. 125 |
| Construction contracts$'000 | 13,458 | – | – | – | – | – | 13,458 | PDF p. 125 |
| Loss allowance/(reversal of loss allowance) recognised on financial assets$'000 | 494 | 4,928 | – | (17) | – | – | 5,405 | PDF p. 125 |
| Depreciation expenses$'000 | 911 | 243 | 50 | 155 | – | – | 1,359 | PDF p. 125 |
| Net fair value loss on investment properties$'000 | – | 9,000 | (1,899) | – | – | – | 7,101 | PDF p. 125 |
| Results | ||||||||
| Segment results$'000 | 2,769 | 30,592 | 1,432 | 877 | (9,676) | – | 27,944 | PDF p. 125 |
| Interest income$'000 | 24 | 2,551 | – | 125 | – | – | 2,700 | PDF p. 125 |
| Finance costs$'000 | (252) | (5,284) | (958) | (101) | (2,564) | – | (9,159) | PDF p. 125 |
| Profit/(loss) before income tax$'000 | 2,541 | 27,859 | 474 | 901 | (12,240) | – | 19,535 | PDF p. 125 |
| Income tax expense$'000 | (553) | (5,993) | (95) | (184) | – | – | (6,825) | PDF p. 125 |
| Profit/(loss) for the financial year$'000 | 1,988 | 21,866 | 379 | 717 | (12,240) | – | 12,710 | PDF p. 125 |
| Statement of financial position | ||||||||
| Segment assets$'000 | 35,729 | 326,386 | 216,970 | 14,463 | 1,418 | – | 594,966 | PDF p. 125 |
| Segment liabilities$'000 | 33,012 | 152,286 | 172,435 | 5,166 | 113,384 | – | 476,283 | PDF p. 125 |
| Other information | ||||||||
| Associates and joint ventures$'000 | – | 15,283 | 6 | 1,228 | – | – | 16,517 | PDF p. 125 |
Notes
Comparative year 2024; segment information for reportable segments on continuing operations.
By geography
Geographical segments 2 lines
| Item / unit | 2025Singapore | 2025Myanmar | 2025Cambodia | 2025Other countries(i) | 2025Total | Source |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Revenue$'000 | 80,775 | 13,878 | 27,597 | 537 | 122,787 | PDF p. 126 |
| Non-current assets$'000 | 262,863 | 3,008 | 19,425 | 12,053 | 297,349 | PDF p. 126 |
Notes
(i) Includes Malaysia and Thailand.
Geographical segments 2 lines
| Item / unit | 2025Singapore | 2025Myanmar | 2025Cambodia | 2025Other countries(i) | 2025Total | 2024Singapore | 2024Myanmar | 2024Cambodia | 2024Other countries(i) | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue$'000 | 80,775 | 13,878 | 27,597 | 537 | 122,787 | 82,481 | 10,371 | 1,049 | 941 | 94,842 | PDF p. 126 |
| Non-current assets$'000 | 262,863 | 3,008 | 19,425 | 12,053 | 297,349 | 274,989 | 2,453 | 5,383 | 8,378 | 291,203 | PDF p. 126 |
Notes
(i) Includes Malaysia and Thailand.
Debt
Borrowings
Lease liabilities maturity analysis
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| Within 1 year$'000 | 330 | 377 | PDF p. 114 |
| Within 2 to 5 years$'000 | 206 | 427 | PDF p. 114 |
| Less: Future interest costs$'000 | (39) | (58) | PDF p. 114 |
| Lease liabilities | |||
| Current$'000 | 302 | 349 | PDF p. 114 |
| Non-current$'000 | 195 | 397 | PDF p. 114 |
Notes
The average effective interest rate approximates 2.96% (2024: 2.94%) per annum. Interest rates are fixed at the contract rates.
Borrowing notes 3 tables
Borrowings (Group, secured bank loans)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Secured | |||
| Bank loans$'000 | 102,260 | 99,815 | PDF p. 111 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)$'000 | (29,692) | (26,252) | PDF p. 111 |
| Amount due for settlement after 12 months$'000 | 72,568 | 73,563 | PDF p. 111 |
Notes
Borrowings amounting to $1.6 million (2024: $3.2 million) and $100.7 million (2024: $96.6 million) bear fixed interest rate and variable interest rate respectively (Note 4(b)(v)).
Management estimates that the carrying amounts of the bank loans approximate their fair values as the bank loan primarily bear variable market interest rates.
Loans of $38.2 million (2024: $62.5 million) secured by mortgages over investment properties and certain fixed deposits; loans of $26.6 million (2024: $33.8 million) secured by mortgages over development properties and certain fixed deposits.
Statement of financial position: borrowings, lease liabilities and term notes (current/non-current)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Borrowings$'000 | 29,692 | 26,252 | – | – | PDF p. 51 |
| Lease liabilities$'000 | 302 | 349 | – | – | PDF p. 51 |
| Term notes$'000 | – | 26,936 | – | 26,936 | PDF p. 51 |
| Non-current liabilities | |||||
| Borrowings$'000 | 72,568 | 73,563 | – | – | PDF p. 51 |
| Lease liabilities$'000 | 195 | 397 | – | – | PDF p. 51 |
| Term notes$'000 | 27,000 | – | 27,000 | – | PDF p. 51 |
Term notes (unsecured)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Unsecured | |||
| Multi-currency term notes, net of issuance cost$'000 | 27,000 | 26,936 | PDF p. 114 |
| Term notes | |||
| Current$'000 | – | 26,936 | PDF p. 114 |
| Non-current$'000 | 27,000 | – | PDF p. 114 |
Notes
The term notes which are listed on SGX-ST bear interest at the fixed rate of 4.5% (2024: 6.0%) per annum. As disclosed in Note 4(c), the maturity date of the term notes has been extended to 31 December 2032. Interest is payable at maturity (2024: on a half-yearly basis).
The carrying amount of the term notes approximates its fair value.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company has not formalised a dividend policy. The frequency and amount of dividend distribution will depend on general financial condition, results of operations, capital requirements, cash flow and general business conditions, development plans and other factors as the Directors may deem appropriate. Pay-outs, if any, are clearly communicated to shareholders through the financial results announcements via the SGXNet. | Company | PDF p. 31 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group and Company, FY2025 | PDF p. 50 |
| Engagement director | Lee Tze Shiong | Group and Company, FY2025 | PDF p. 50 |
| Auditor's report date | 13 April 2026 | Group and Company · As at 2026-04-13 | PDF p. 50 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company, FY2025 · As at 2025-12-31 | PDF p. 44 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern (Note 1) | These conditions may cast significant doubt on the Group’s ability to continue as a going concern. | Group, FY2025 | PDF p. 57 |
| Going concern (Continued) | Accordingly, the consolidated financial statements of the Group for the financial year ended 31 December 2025 have been prepared on a going concern basis. | Group, FY2025 | PDF p. 58 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.